As evening fell at Silverstone on Thursday, Formula One Teams Association (FOTA) bosses headed out onto the A43 bound for Renault's nearby Enstone headquarters. After deliberating for hours, the team body has since released a statement that all the teams have confirmed to the FIA and the commercial rights holder that they are willing to commit until the end of 2012.

However, FOTA also acknowledges that the wishes of the majority of the teams have been ignored. The team body is not willing to compromise on the fundamental values of the sport and have declined to alter their original conditional entries to the 2010 World Championship. Furthermore, tens of millions of dollars have been withheld from many teams by the commercial rights holder, going back as far as 2006.

Instead, FOTA has confirmed that it plans to commence preparations for a new Championship, which it describes as reflecting the values of its participants and partners. This series will have transparent governance, one set of regulations, encourage more entrants and listen to the wishes of the fans, including offering lower prices for spectators worldwide, partners and other important stakeholders.

Importantly, the major drivers, stars, brands, sponsors, promoters and companies historically associated with the highest level of motorsport will all feature in this new series.

As for the 2010 F1 season, only McLaren, BMW, Renault, Toyota and Brawn are listed as provisional on the initial FIA entry list, as Ferrari and Red Bull's two teams are bound to compete according to (albeit disputed) existing agreements.